JPMorgan, BofA, Citigroup Among Big U.S. Banks S&P May Cut
- Companies also include Wells Fargo, Goldman, Morgan Stanley
- Move follows Fed rule to boost banks' ability to absorb losses
Is Your Bank on a Negative Credit Watch?
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JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. are among eight large U.S. banks that may have credit grades cut by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis.
The companies -- along with Wells Fargo & Co., Goldman Sachs Group Inc., Morgan Stanley, Bank of New York Mellon Corp. and State Street Corp. -- had senior unsecured and nondeferrable subordinated debt ratings placed on negative credit watch, S&P said Monday in a statement. S&P said it expects to resolve the credit reviews by early December.